BioLargo Announces 288% Revenue Growth in Quarterly Report

Company's revenues grew 288% compared to the same period last year, and grew 78% compared to the fourth quarter of 2022. The company's net loss dropped by 68% from the same period last year.

WESTMINSTER, CA / ACCESSWIRE / May 17, 2023 / BioLargo, Inc. (OTCQB:BLGO), a developer of sustainable cleantech technologies and full-service environmental engineering company, yesterday filed its Quarterly Report for the three months ended March 31, 2023 (www.biolargo.com/sec-filings). Company management below provides a summary of the quarterly report's highlights.

BioLargo will hold an investor webcast on Thursday, May 18, 2023, at 1:30 pm Pacific / 4:30 pm Eastern, at the following link, open to the public: https://www.webcaster4.com/Webcast/Page/2448/48436

Dennis P. Calvert, the company's President and CEO, said, "We're confident that the long-term success of our pet odor control product partnership - Pooph - bolstered by the rollout of key water treatment technologies, will drive our company to our goal of profitability and beyond."

Company management provides highlights of the quarterly report below, but encourages investors to review the full report to get the most complete information about BioLargo and its growing cleantech business.

Highlights:

• Consolidated revenue for the three months ended March 31, 2023, was $3,742,000, which was a 288% increase over the same period in 2022, and a 78% increase over the previous quarter (Q4 of 2022).
• The company's net loss was reduced by 68% compared to the same period in 2022, to $494,000.
• Net stockholders' equity rose to $3,552,000 from $2,011,000 in the fourth quarter of 2022.
• The company ended the quarter with $3,264,000 in cash, compared to $1,851,000 at December 31, 2022.
• A standout performer in BioLargo's portfolio was ONM Environmental, the company's odor and VOC control subsidiary, whose revenues grew 491% compared to the same period of 2022, to $3,543,000. ONM Environmental's operating income also grew 10,569% from the same period of 2022, to $1,387,000. The subsidiary's significant growth in revenue is largely attributed to the growing success of the pet odor control product Pooph, sold by the company's partners at Ikigai Marketing Works, LLC, which comprised 90% of its revenues (and 86% of BioLargo company-wide revenues).
• Revenues at BioLargo Engineering, Science & Technologies, LLC decreased by 45% to $193,000, as compared to the same period in 2022, and its operating loss increased to $368,000, as compared to $35,000 in the same period in 2022.

About BioLargo, Inc.